Millrose Properties Q2 net income $112.8 million, $0.68 a share; raises AFFO guidance
Millrose Properties reported second-quarter 2025 net income attributable to common shareholders of $112.8 million, or $0.68 per share, driven by $149.0 million in option fees and other related income. The company raised its year-end AFFO quarterly run rate guidance to $0.70 to $0.73 per share, citing higher transaction funding outside the Lennar Master Program Agreement.
Key points
- Q2 2025 net income attributable to common shareholders was $112.8 million, or $0.68 per share, versus a net loss of $59.8 million in the prior-year period.
- Adjusted Funds From Operations (AFFO) was $115.0 million, or $0.69 per share.
- Year-end AFFO quarterly run rate guidance raised to $0.70 to $0.73 per share.
- Net cash proceeds from homesite sales were $797 million, including $768 million from Lennar; the company also reported a $1 billion delayed draw term loan closed during the quarter.
The filing
Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 1:01 AM ET, from the text of the filing and its press-release exhibits only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on July 31, 2025.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.